NY Fed President Tells Congress Europe Doesn’t Need More Fed Help
New York Federal Reserve President, and vice-chair of the FOMC, William Dudley told a House subcommittee hearing today that the US has done as much as it needs to — for now — to help the Eurozone overcome its financial…
In December the Fed initiated a currency swap deal with the European Central bank that made US dollars available to Eurozone banks in exchange for euros. Critics of the swap program contend that it is a stealth bailout of Europe’s banks.
Dudley was upbeat, but cautious:
Severe stresses in European financial markets would disrupt financial markets here, which could harm the real economy. At a time when U.S. unemployment is very high, this is a particularly unacceptable outcome.
Dudley’s prepared remarks are available here.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
